MANTRA (OM), Raydium (RAY), and Solana (SOL) crypto coins are currently showing substantial gains today, even as many other top altcoins, such as Ethereum, Dogecoin, and Ripple, are struggling after Bitcoin’s recent decline to below $89,000.
Following last week’s significant spike, the recent downturn in Bitcoin price has resulted in a 2.06% drop in the overall cryptocurrency market cap, which now stands at around $2.9 trillion. Additionally, Ethereum has fallen below $3,100, Ripple (XRP) has decreased 6.89% today, and Cardano (ADA) has lost 5.65% compared to the previous day.
On the other hand, the largest losers today are Quant (QNT), Stellar (XLM), Litecoin (LTC), and Sei (SEI), all of which experienced double-digit price losses over the past 24 hours.
MANTRA hits new ATH with 63% spike
The native token of the leading layer 1 blockchain network focused on real-world assets (RWA), MANTRA (OM), is leading the top 100 coins with a remarkable gain of 63.03% in the last 24 hours. Today’s increase adds to the already positive performance recorded over the previous month.
For context, the price of the OM token has jumped by 174.32% in the past week, 157% since last month, and an incredible 16,000% over the past year, indicating that investors maintain a bullish sentiment towards the MANTRA coin.
MANTRA spikes above $4 | TradingView
This recent surge in OM’s price follows significant achievements by Mantra in the RWA sector.
In October, the project launched its mainnet, offering low transaction fees, improved network security, adherence to regulations, and interchain capability through its integration with the Cosmos network.
From a technical standpoint, the bullish momentum for OM remains strong. Currently, the RWA coin is priced at $3.9. Moving averages across short, mid, and long-term periods firmly support the bullish perspective and indicate sustained strength in its price movement.
Moreover, analysts continue to hold a positive outlook on the OM token, partly due to the increased activity surrounding the forthcoming MANTRA airdrop.
https://twitter.com/MANTRA_Chain/status/1857382443767972156
Raydium (RAY) token gains over 20%
The Solana-based token Raydium has managed to buck the bearish trend in Bitcoin prices, rising by 20.71% in the past 24 hours. This contributed to its remarkable 167.65% monthly increase and 1479.12% rise over the previous year.
As the leading decentralized exchange platform on Solana, Raydium has gained popularity in recent months. The platform earns revenue from swap fees and liquidity services for Solana traders. A fraction of this income is used to repurchase the RAY token, distributed among token stakers.
The rapid increase in revenue is largely due to the growing interest in Solana memecoins. This surge in popularity has boosted the demand for SOL and resulted in higher fees for Raydium, consequently driving up the price of RAY due to demand.
Raydium (RAY) token price chart | TradingView
Regarding the Raydium technical analysis, the RAY token shows significant bullish momentum. It is trading for $5.77, gaining 20.71% over the last 24 hours. The price has surpassed the Bollinger Upper Band ($3.76), and the key resistance level was $4.91, indicating continued upward strength.
Solana price hits new 2024 highs
The Solana price has performed well in the last 24 hours, rising by 9.9% and surpassing $230, a milestone not reached in 2024 up to this point. In 2024, Solana has grown from roughly $100 in January to $236.14 at press time. Consequently, the year-to-date increase in the SOL token price stands at 131.62%.
SOLUSD TYD chart | TradingView
This rise in Solana’s price can be attributed to the growing popularity of Solana memecoins, such as dogwifhat (WIF), Bonk (BONK), Popcat, Peanut the Squirrel (PNUT), and Goatseus Maximus (GOAT).
Additionally, data indicates that Solana has thrived in the DeFi sector, achieving 38.8% of global crypto interest and gaining greater access in the U.S. due to last week’s listing on Robinhood.
The SOL/USDT price chart indicates robust bullish momentum. It experienced a 107% surge in 24-hour trading volume, showing significant buyer interest.
Support is $180.64, while the next resistance level to watch is $239.39. With ongoing momentum and strong technical indicators, SOL seems set for further upward movement, though it’s advisable to keep an eye on pullbacks in the near term.
Read more: Solana Price Prediction: Crypto Pro Expects Lift Off Soon
